Recently the prices of all cryptocurrency have continued to crash down causing a serious panic in crypto market.
According to Joseph Carey,
BITCOIN’S value has dropped 60 per cent in the last month as the cryptocurrency continues to free fall following an incredible spike that saw a slew of new investors pour their funds into virtual markets, it has been revealed.
Leading cryptocurrency market tracker Coinbase showed that Bitcoin’s value had dropped by 60.06 per cent since the last month.
The virtual currency’s price at the time of writing was £4869.30 ($6,800.70) that marked a decline of £7,323.76 ($10,225.58) since this time last month.
Back in December, Bitcoin hit an all-time high of £13991.86 ($19,535.70) on December 17 before sharply declining.
A brief resurgence of the cryptocurrency occurred on January 6 when the value hit £12,201.24 ($17,035.60) before dramatically going into free fall.
Today the Bitcoin market opened at 5866.06 ($8,186.65) and closed at £4,717.78 ($6,583.56) that marked another sad day for cryptocurrency investors.
Bitcoin Cash, Ethereum, Litcoin, and Ripple are all similarly experiencing downward market trends.
As markets have fallen, countries around the world have continued to clamp down on virtual currencies with India being labelled as the next significant nation to outlaw them, according to a finance ministry official
New Delhi’s economic affairs secretary, Subhash Chandra Garg, stated that the government is setting up a panel to analyse cryptocurrencies and aims to submit a report on them in the current fiscal year.
He explained: “The government will take steps to make it illegal as a payment system. As well as having a regulator in place.
“We hope now within this financial year the committee will finalise its recommendations… certainly, there will be a regulator.
Meanwhile, there are fears that China could harness its Great Firewall to block access to virtual markets.
Any and all websites offering services related to cryptocurrencies have been wiped from search engines and social media in the Asian superpower.
Initial coin offerings (ICOs) have already been banned in China.
A source form the People’s Bank of China-affiliated Financial News declared: “Overseas transactions and regulatory evasion have resumed.
“Risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.”
The central bank reportedly said it would “tighten regulations” on Chinese people’s participation in overseas cryptocurrency transactions and ICOs.
Source
According to coin market cap as at Tuesday 6th of February morning the price of steem has gone down to 2.84 USD while SBD is as low as 2.51 USD. Other major coins are equally in the red.
Cyptocurrency have wittiness a lot of crackdown from different government and this has continue to affect the price as we know that cryptocurrency price is determined by speculation.
The crash in price has affected the post reward of steemians within this few days. Some post that earn up to $900 has come down to $500. This is causing a lot of panic to steemians especially the new ones in the system who have not experience this before, but for the old ones in the community this is not a new thing.
There is no need to panic over the price as it will bounce back soon. The haters of cryptocurrency cannot stop the moving train. This is the right time to buy more steem since the price is very low.
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